PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

right and use of some co-partnership or body politic,
of which he or she may be a member,
SEC. 7. And be it enacted, That no person shall be
admitted to take his seat as a director, unless he shall
be, at the time, a stockholder, and if he shall at any
time cease to be a stockholder, he shall cease to be a
director, and if a vacancy shall at any time occur, by
death, resignation, or otherwise, the directors shall
elect another, to till said vacancy for the residue of the
year, from among the stockholders.

CHAP. 268.

Qualification
of directors.

SEC. 8. And be it enacted, That the board of direc-
tors shall have power to appoint a president and other
officers and servants for conducting the business of
the company, and shall fix their compensation to be
allowed them, which expenses shall be defrayed out
of the funds of the company; the board of directors
shall also have power to purchase, lease, rent, or erect
a proper building in Westminster for said bank, at the
expense of the company, they shall, likewise, have
power to make, revise, alter, or annul rules, orders,
bye-laws and regulations for the government of the
company, and of their officers, servants, and affairs,as

Duties and
powers of the
directors.

a majority of them may deem expedient; provided,
they are not contrary to law, the constitution of this

Proviso.

Stale, or the provisions of this act.
SEC. 9. And be it enacted, That the lands, tene-
ments, and hereditaments which it shall be lawful for
said bank to hold, shall he only such as shall be re-
quisite for its accomodations in relation to the easy
and convenient transaction of its business, and com-
fort and advantage of the officers thereof, and such as
shall he mortgaged to it by way of security, or pur-
chased at sales upon judgments, which shall have
been obtained for debt due said bank; and the said
bank shall not deal or trade in any thing except bills
of exchange, promissory notes, United States stock,
stock of the chartered banks, bullion, or the produce
of their lands, or of such goods and effects as shall
have been pledged or mortgaged to it by way of se-
curity, or conveyed to it in satisfaction of debts con-
tracted in the course of its dealing, or purchased at
sales, upon judgments which shall have been obtained
for such debts.

May hold prop-
erty.

SEC. 10. And be it enacted, That ordinary dis-
counts may be made by the president and three direc-
tors, at the rate of six per centum per annum, but the
president and five directors shall be necessary for the
purpose of transacting the general business of the com-
pany.

Ordinary and
general busi-
ness.